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WASHINGTON — Here's how area members of Congress voted on major roll calls last week.
House
FEDERAL MORTGAGE RELIEF
Voting 266 for and 154 against, the House on May 8 authorized a new program in which mortgage holders would voluntarily refinance hundreds of thousands of at-risk home loans in return for Federal Housing Administration backing of those loans and other benefits. Now before the Senate, the bill (HR 3221) is designed to rescue up to 500,000 mortgages, totaling $300 billion, that are now headed for default. The Congressional Budget Office estimates the program would cost taxpayers $2.7 billion over five years, based on the projected failure rate of the reworked loans.
The bill also would create the Federal Housing Finance Agency to oversee the Federal National Mortgage Association (Fannie Mae) and the Federal Home Mortgage Corp. (Freddie Mac). The two operations, which dominate the nation's secondary mortgage market, have been tarred by accounting scandals and weak fiscal performances. A "yes" vote backed the bill.
Yes: Ed Pastor, D-4; Harry Mitchell, D-5; Raúl Grijalva, D-7; Gabrielle Giffords, D-8
No: Trent Franks, R-2; John Shadegg, R-3; Jeff Flake, R-6
Not voting: Rick Renzi, R-1
HOMEOWNER TAX BREAKS
Voting 322 for and 94 against, the House on May 8 adopted an amendment to HR 3221 that authorizes $7,500 tax credits for first-time home purchases and allows taxpayers who do not itemize deductions to treat up to $700 of their 2008 property taxes as a federal tax deduction. The measure also authorizes local housing authorities to issue $10 billion in tax-exempt bonds to be used for refinancing subprime loans and for providing low-income rental housing. A "yes" vote backed the amendment.
Yes: Pastor, Mitchell, Grijalva, Giffords
No: Franks, Shadegg, Flake
Not voting: Renzi
HOME FORECLOSURES
Voting 239 for and 188 against, the House on May 8 sent the Senate a bill (HR 5818) providing $15 billion in grants and loans through 2013 for a program to help communities and non-profit organizations buy, rehabilitate and occupy vacant, foreclosed homes. Families with incomes below the regional median income would then be offered the properties for purchase or rental. The federal financing would be allocated to states, urban counties and cities primarily on the basis of their foreclosure rates. A "yes" vote was to pass the bill.
Yes: Pastor, Mitchell, Grijalva, Giffords
No: Renzi, Franks, Shadegg, Flake
Senate
WIND-DAMAGE INSURANCE
Voting 19 for and 74 against, the Senate on May 7 defeated an amendment to expand the National Flood Insurance Program to cover wind damage, as well as water damage. This occurred during debate on a bill (S 2284) to renew and overhaul the FEMA-run program, which serves 5.5 million policyholders in 20,000 communities prone to flooding. A "yes" vote backed the amendment.
No: Jon Kyl, R
Not voting: John McCain, R
COVERAGE-LIMITS INCREASE
Voting 27 for and 66 against, the Senate on May 7 defeated an amendment to S 2284 (above) that sought to increase the National Flood Insurance Program's coverage limits while not raising premiums. A "yes" vote backed the amendment.
No: Kyl
Not voting: McCain
— Thomas Voting Reports
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